Federal Reserve Board Eyes Online Privacy Rules

Federal Reserve Board Eyes Online Privacy Rules

Data industry lobbies to head off regulations

The Federal Reserve Board is scheduled to send Congress a report in March outlining threats to the privacy of people's financial data.

Data collection companies such as Equifax Inc., Atlanta; Experian Inc., Orange, Calif.; and Lexis-Nexis, Dayton, Ohio, have lobbied federal officials preparing the report, arguing that any new regulations that Congress might impose could hinder convenient services such as rapid credit approvals for people seeking loans or credit cards.

"We have had vibrant growth in our economy because we are a service-based economy" built on the free flow of information, including financial information, said Martin Abrams, Experian's vice president of information policy and privacy.

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